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On May 17, Ripple, the developer of the eponymous payments network and XRP token, revealed that it had purchased Swiss digital asset custodian and tokenization provider Metaco for $250 million. Through this acquisition, Ripple aims to enhance its enterprise offerings related to the custody, issuance, and settlement of tokenized assets. The company’s developers stated:
“Metaco will significantly accelerate its growth trajectory by gaining access to Ripple’s established customer base of hundreds, capital to meet new demand, and resources to uphold its commitment to banking and institutional clients.”
Ripple anticipates that the institutional crypto-custody market will reach $10 trillion by 2030. Their research indicates that “most global finance leaders at financial institutions” intend to adopt crypto-custody solutions within the next three years. They reference BNY Mellon’s plans for crypto-custody management and Nasdaq’s intentions to introduce crypto-custody services in the second quarter. Adrien Treccani, founder and CEO of Metaco, remarked:
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“This agreement will allow Metaco to utilize Ripple’s scale and market influence to achieve our objectives and provide value to our clients more swiftly. We are eager to continue addressing unprecedented levels of institutional demand.”
Metaco’s main product is Harmonize, an institutional standard for digital asset custody and tokenization infrastructure that the company claims is utilized by significant financial institutions. Established in 2015, Metaco had secured $20 million through four funding rounds prior to the May 17 announcement, as reported by Crunchbase. “Ripple will continue to leverage our advantages in areas vital to crypto infrastructure,” stated Ripple CEO Brad Garlinghouse.
Today, we are proud to announce Ripple has acquired @metaco_sa, becoming the sole shareholder of the Swiss-based provider of digital asset custody and tokenization technology.
Learn more: https://t.co/GrI3u13iDT— Ripple (@Ripple) May 17, 2023
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